13th Sep 2024 12:20
(Alliance News) - Newbury Racecourse PLC on Friday announced its half-year turnover has risen and its loss has narrowed, with results "slightly ahead" of management's expectations.
The sporting and events venue in Berkshire, England said its turnover for the six months ended June 30 was GBP9.3 million, up 16% on-year from GBP8.0 million. Its pretax loss narrowed to GBP256,000 from GBP570,000.
The impact of inflation, increased cost of utilities and additional prize money investment all contributed to an 11% increase in the cost base for the same period, the racecourse said.
Cost of sales rose 8.3% on-year to GBP7.8 million from GBP7.2 million.
During this six-month period, Newbury Racecourse signed a five-year media rights agreement with Arena Leisure and Sky Sports Racing, which was effective from January 1.
Newbury Racecourse also welcomed Shaun Hinds as chief executive officer in June. Prior to this, Hinds was CEO of Manchester Central Convention Centre, the UK's largest city centre convention, exhibition and events complex, for six and a half years. He replaced current Finance Director Mark Leigh, who was acting as interim chief executive.
Chair Dominic Burke said: "Trading for the first half of 2024 was slightly ahead of management's expectations, with raceday attendances broadly in line with 2023. Compared with the first six months of last year, our revenues have been stronger across all our income streams. We have also been able to improve our profit margin despite rising costs and our commitment to make an additional contribution to prize money.
"With the continued headwinds facing the racing industry, the remainder of the year is expected to be challenging, but we remain very confident in the long-term prospects of the company, given the benefit from the full effect of our new media rights agreement, along with, once again, being able to host eleven British Horseracing Authority premier fixtures during 2025."
Shares in Newbury Racecourse were flat at 460.00 pence each on the Aquis Exchange on Friday morning.
By Emily Parsons, Alliance News reporter
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